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Bitcoin dropped following the Fed decision after topping $18,000 for the first time in over a month


December 16, 2022: -On Thursday, Bitcoin dropped after the U.S. Federal Reserve showed further interest prices hikes ahead, and investors keep monitoring the fallout from the demolishing of cryptocurrency exchange FTX.

On Wednesday, it is coming after the planet’s biggest digital currency over £18,000 for the first in over a month, trading nearly $18,356.50.

Ether, which reached over a month high on Wednesday of over $1,350, also fell. The cryptocurrency traded at nearly $1,286.97 at 4:27 a.m. ET.

Bitcoin decreased from the $18,000 mark following the U.S. Federal Reserve increased its benchmark interest prices by 0.5 percentage points to its highest stage in 15 years and indicated further hikes next year.

U.S. stocks decreased after the Fed’s decision. Bitcoin is closely correlated with U.S. stock indices, particularly the tech-heavy Nasdaq.

Investors are watching the continued decrease from the stunning collapse of FTX, leading to the firm filing for bankruptcy and arresting its high-profile founder Sam Bankman-Fried. Bankman-Fried has been charged with criminal charges by U.S. federal prosecutors and civil indictments from American regulators.

The firm was accused of commingling FTX customer funds assets from Alameda Research, Bankman-Fried’s hedge fund.

John J. Ray, the firm’s recent CEO, told lawmakers that what FTX was doing “is old-fashioned embezzlement.”

Therefore, Binance, the world’s significant crypto exchange, came under pressure after it paused, leaving the stablecoin USDC, with investors fearing issues at the company. Hence, Binance resumed withdrawals after about 8 hours of rest.

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Bitcoin dropped following the Fed decision after topping $18,000 for the first time in over a month